Bécancour, Monday, February 27th, 2017 – Cycle Capital Management, Desjardins-Innovatech and other investors such as TechnoClimat and Sustainable Development Technology Canada invested more than $10M in Airex Energy. This investment will expand the commercialization of the CarbonFX™, a technology that converts biomass into biocoal, and finance the new plant operations, which will showcase the company’s biomass torrefaction technology.
“In the context of global warming, energy producers are now coping with new challenges with the adoption of environmental constraints. As such, Airex Energy’s technology is a promising solution which makes the company an indispensable player on a wide variety of markets in North America and overseas,” says Andrée-Lise Méthot, founder and Managing Partner at Cycle Capital Management.
“We are very proud to be an actor in the international deployment of a technology that was developed in Quebec and which will help reduce the carbon footprint of thermal power plants worldwide,” says Luc Ménard, Chief Operating Officer of Desjardins Business Capital régional et coopératif.
“The commercialization of a new technology is a critical step for a company like Airex Energy. Supported by our partners, we will able to deploy our technology and stimulate exports worldwide,” adds Sylvain Bertrand, CEO of Airex Energy.
About Airex Energy
Airex Energy is a spin-off from Airex Industries, which specializes in the manufacturing of industrial air-treatment systems which has been established in Laval and Drummondville, Quebec for over 30 years. Airex Energy is a technology company that develops and markets biomass torrefaction systems. The CarbonFX™ patented technology converts any type of biomass into biocoal, a clean and renewable alternative to coal.
About Cycle Capital Management
A pioneer among Canadian venture capital funds focused on the clean-tech sector, Cycle Capital Management invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.
With assets under management of $230M, Cycle Capital Management, invests in Quebec and North America. Cycle Capital Management, based in Montreal with an office in Toronto and points of presence in New York, Seattle and Qingdao in China, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information on Cycle Capital Management visit: cyclecapital.com.
About Desjardins-Innovatech L.P.
Desjardins-Innovatech investment fund’s mission is to provide and support Quebec technological or industrial technological companies while striving to preserve ownership of Quebec-based enterprise and to create flagship companies. The Fund – managed by Desjardins Entreprises Capital régional et coopératif, a subsidiary of Mouvement Desjardins – was created in 2005 by the Government of Quebec and Capital régional et coopératif Desjardins. The Fund is partnering with technological stakeholders – specialized investment funds, entrepreneurs, angel investors and technological accelerators – to contribute to the development of promising SMEs. (www.desjardins-innovatech.com)